Estate planning involves the creation of an orderly plan for an individual to accumulate wealth, grow and protect his or her assets during the individual’s lifetime. The goal of estate planning is twofold; first, to assist the individual in accumulating and preserving enough assets to provide for the individual during their lifetime; and secondly, to provide for tax-efficient transfers of assets by gift during one’s lifetime and by bequest after the individual’s death.
Prior to your first meeting with an estate planning attorney, you will most likely be asked to provide a list of detailed personal and financial information. Information typically requested is a list of all family members and copies of relevant financial records, such as deeds, life insurance policies, annuities and bank account information. These documents are necessary so that your estate planning attorney can develop a complete understanding of your estate. The value of these assets and any income you produce an important factor in determining whether you will have a taxable estate or not. Likewise, understanding what financial liabilities you have such as mortgages or loans helps to determine how best to plan your estate.
Once a clear snap shot of your personal and financial condition are understood, you and your estate planning attorney will discuss your objectives. Once you have expressed your wishes and determined who you wish to be a beneficiary of your estate, your lawyer will formulate a plan that best suits your particular set of assets and liabilities. While you will not doubt plan on how to deliver your assets to your beneficiaries after your death, you both will need to pay attention to protecting the assets while you are still alive.
There are a number of legal vehicles used to carry out your estate planning wishes. A comprehensive estate plan may involve you gifting certain assets to your beneficiaries while you are still alive. While not necessary, an estate plan may also utilize living trusts as means of avoiding the lengthy probate process. In many instances the use of a revocable living trust, also known as an inter vivos trust, is advantageous. These trusts can deliver assets to your beneficiaries quicker than a formal probate, with less cost than a formal probate, and with more privacy that the public nature of the probate process. Many estate plans actually involve the use of a special will, called a pour over will and a revocable living trust.
In addition to these tools, a good estate plan with also address issues of possible incapacity and end of life issues. For situations involving your incapacity, many estate planning attorneys will draft a durable power of attorney, a designation of health care surrogate, and a living will. A durable power of attorney will allow a representative named by you to manage your daily financial and business matters if you are unable to do so yourself. Likewise, a health care surrogate is a representative that will carry out your wishes regarding medical decisions if you are unconscious or unable to make those decisions for yourself. Finally, many individuals will request a living will which specifically addresses what medical treatment you wish to have if you a terminal condition, or are in a persistent vegetative state. This document will guide your doctor and health care surrogate should you be unable to express these wishes yourself.
Estate planning is a process in which you, with the assistance of an attorney, devise a plan not only to preserve your assets while you are alive, but also to distribute them after you have died. A careful review of your assets, as well as your liabilities will reveal the exact nature of your estate. At Kevin G. Staas, P.A. we strive to make a detailed analysis of your estate. To view our estate planning questionnaire, click here. We ask each client to fill out this questionnaire, as it would be difficult, if not impossible to give you sound legal advice without knowing all of the information requested on it. At our initial meeting, Kevin and his staff will evaluate your estate, and most importantly, listen to your questions, concerns and goals. Based upon the assets in your estate, and what you wish to do with them, Kevin will formulate a plan that achieves your goals. At Kevin G. Staas, P.A., we have formed associations with local and out of state professionals to serve full time Florida residents as well as part time, out of state residents, affectionately referred to as “snow birds.” For our “snow bird” clients, please check out the Snow Bird’s Nest section of our site. There you will find useful links for out of state residents and our “Snow Bird’s Survival Guide to Residency in Florida.”
At Kevin G. Staas, P.A. we pride ourselves on giving our clients the legal services available. It is our desire to assist you in formulating a customized estate plan that fits your needs and wishes. Please contact our office to set up a free consultation.